Soybean Meal
Soybean meal is the dominant protein source in global animal feed formulations, containing 44-48% crude protein. It is produced as a co-product of soybean crushing alongside soybean oil. Argentina is the world's largest exporter, benefiting from its differential export tax structure.
- Hi-Pro (48% protein)
- Lo-Pro (44% protein)
- Dehulled
- Non-GMO
- FOB
- CFR
- CIF
Soybean Meal, in brief.
- Common origins
- Argentina
- Brazil
- United States
- India
- Paraguay
- Common destinations
- European Union
- Southeast Asia
- Japan
- South Korea
- Egypt
- Grades and specifications
- Hi-Pro (48% protein)
- Lo-Pro (44% protein)
- Dehulled
- Non-GMO
- Incoterms
- FOB
- CFR
- CIF
- Unit of measure
- Metric Tons
What moves Soybean Meal pricing
Soybean meal prices off CBOT meal futures plus regional basis (CIF Rotterdam, FOB Argentina up-river, CFR Indonesia). Argentina is the dominant export origin: over 50% of seaborne soybean meal trade. Demand is hog and poultry feed: Asian hog cycle, EU poultry production, and Latin American livestock expansion drive marginal pricing. The crush spread to soybeans signals processor profitability.
How Soybean Meal cargoes are priced and settled
Cargoes typically 25,000-50,000 tonnes per parcel. Pricing is CBOT meal futures plus basis with monthly QP. GAFTA terms standard. Letter of credit dominates; some long-term Asian buyers operate on open account.
Soybean Meal specifications and dispute practice
Standard specs: 46% min protein (most common for Argentine), 47-48% for Brazilian high-pro, fiber max 7%, moisture 12%. Disputes around protein content (analytical method matters: Kjeldahl vs combustion), urea adulteration testing, and aflatoxin levels in tropical-shipped meal.
Where Soybean Meal comes from and where it goes
Top exporters: Argentina (San Lorenzo and Rosario crushers), Brazil, US, Paraguay, India. Top importers: Vietnam, Indonesia, Philippines, EU, Mexico, Egypt, Iran. China is largely self-sufficient in soybean meal because it imports whole beans and crushes domestically.
Who trades Soybean Meal?
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Related market pages.
- Wheat (Milling)Milling wheat is a high-protein wheat variety used for bread, pasta, and baked goods. Protein content (typically 11-14%) determines suitability for different flour applications. Black Sea wheat has become the world's most competitive export origin, while US Hard Red Winter and Canadian Western Red Spring are premium grades.
- Wheat (Feed)Feed wheat is a lower-protein wheat grade used in animal nutrition, particularly for poultry and livestock rations. It is typically sourced from the Black Sea region and Europe at a discount to milling wheat. Feed wheat competes with corn as an energy source in feed formulations.
- Corn/MaizeCorn (maize) is the world's most produced cereal grain, used for animal feed, ethanol production, and food ingredients. US Yellow Corn No.2 is the global benchmark. Brazil has emerged as a major second-crop (safrinha) exporter, competing with US and Argentine supplies.
- SoybeansSoybeans are the world's most important oilseed, crushed to produce soybean meal (animal feed) and soybean oil (cooking, biodiesel). Brazil has overtaken the US as the largest exporter. GMO vs. non-GMO origin commands significant price differentials in European and Asian markets.
- Soybean OilSoybean oil is the second most consumed vegetable oil globally, used in cooking, food processing, and increasingly as biodiesel feedstock. Crude degummed soybean oil is the primary traded form, with refining done at destination. US biofuel mandates have significantly boosted domestic demand.
- Rice (Long Grain)Long grain rice is a staple food for billions, characterized by grains three to five times longer than wide. Thailand's Hom Mali, Vietnamese 5% broken, and US long grain are major export grades. Rice is one of the most trade-restricted commodities, with export bans common during supply shocks.
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